Baozun Inc. (BZUN) Income Statement
BZUN 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanBZUN revenue and net income
Where BZUN's revenue goes
2025Each bar shows an amount and its share of revenue. BZUN kept −2.4% of revenue as net income.
BZUN profit margins
BZUN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.6% | +5.8% | +2.4% | +14.4% |
| Gross profit | +12.8% | +13.9% | +9.1% | +25.1% |
| Operating income | — | +31.1% | −33.1% | +24.4% |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BZUN income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥9.95B | CN¥9.42B | CN¥8.81B | CN¥8.40B | CN¥9.40B | CN¥8.85B | CN¥7.28B | CN¥5.39B | CN¥4.15B | CN¥3.39B |
| Cost of revenue | CN¥4.89B | CN¥4.94B | CN¥4.92B | CN¥4.98B | CN¥5.94B | CN¥5.59B | CN¥4.45B | CN¥3.30B | CN¥2.74B | CN¥2.46B |
| Gross profit | CN¥5.06B | CN¥4.49B | CN¥3.90B | CN¥3.42B | CN¥3.46B | CN¥3.27B | CN¥2.83B | CN¥2.10B | CN¥1.41B | CN¥927.6M |
| Research & development | CN¥450.6M | — | CN¥505.2M | CN¥428.0M | CN¥448.4M | CN¥409.9M | CN¥393.0M | CN¥269.0M | CN¥140.7M | CN¥95.6M |
| Sales, general & admin | CN¥4.60B | CN¥4.10B | CN¥855.9M | CN¥371.5M | CN¥525.8M | CN¥224.0M | CN¥2.03B | CN¥1.49B | CN¥1.03B | CN¥747.1M |
| Total operating expenses | CN¥4.98B | CN¥4.60B | CN¥4.10B | CN¥3.38B | CN¥3.45B | CN¥2.71B | CN¥2.44B | CN¥1.74B | CN¥1.16B | CN¥837.5M |
| Operating income | CN¥75.0M | −CN¥114.8M | −CN¥206.4M | CN¥33.3M | CN¥7.0M | CN¥558.7M | CN¥306.2M | CN¥355.8M | CN¥256.3M | CN¥90.1M |
| Interest income | CN¥58.6M | CN¥68.8M | CN¥82.1M | CN¥45.8M | CN¥62.9M | CN¥41.4M | CN¥42.6M | CN¥8.0M | CN¥13.3M | CN¥11.9M |
| Interest expense | CN¥44.6M | CN¥39.0M | CN¥41.3M | CN¥56.9M | CN¥56.8M | CN¥66.1M | CN¥61.3M | CN¥13.1M | CN¥4.3M | CN¥0 |
| Income before taxes | −CN¥189.7M | −CN¥117.6M | −CN¥210.8M | −CN¥583.9M | −CN¥150.7M | CN¥554.3M | CN¥348.3M | CN¥335.7M | CN¥264.6M | CN¥102.3M |
| Income taxes | CN¥9.9M | CN¥20.7M | CN¥12.0M | CN¥26.5M | CN¥55.3M | CN¥127.8M | CN¥71.1M | CN¥65.0M | CN¥54.3M | CN¥16.8M |
| Net income | −CN¥242.1M | −CN¥185.2M | −CN¥278.4M | −CN¥653.3M | −CN¥219.8M | CN¥426.0M | CN¥281.3M | CN¥269.7M | CN¥208.9M | CN¥86.6M |
| EBITDA | CN¥65.5M | CN¥190.9M | CN¥75.9M | −CN¥326.8M | CN¥109.8M | CN¥670.3M | CN¥529.7M | CN¥421.0M | CN¥306.9M | CN¥125.9M |
| Gross margin | 50.9% | 47.6% | 44.2% | 40.8% | 36.8% | 36.9% | 38.8% | 38.9% | 34.1% | 27.4% |
| Operating margin | 0.8% | −1.2% | −2.3% | 0.4% | 0.1% | 6.3% | 4.2% | 6.6% | 6.2% | 2.7% |
| Net margin | −2.4% | −2.0% | −3.2% | −7.8% | −2.3% | 4.8% | 3.9% | 5.0% | 5.0% | 2.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.74B | CN¥2.38B | CN¥3.17B | CN¥2.16B | CN¥2.55B | CN¥2.06B | CN¥2.99B | CN¥2.06B | CN¥2.39B | CN¥1.98B | CN¥2.78B | CN¥1.82B |
| Cost of revenue | CN¥687.7M | CN¥1.21B | CN¥1.47B | CN¥1.03B | CN¥1.32B | CN¥1.07B | CN¥1.54B | CN¥1.08B | CN¥1.28B | CN¥1.03B | CN¥1.51B | CN¥1.00B |
| Gross profit | CN¥2.05B | CN¥1.17B | CN¥1.70B | CN¥1.13B | CN¥1.24B | CN¥992.7M | CN¥1.45B | CN¥974.5M | CN¥1.11B | CN¥946.3M | CN¥1.27B | CN¥819.5M |
| Research & development | CN¥113.8M | CN¥124.1M | CN¥115.3M | — | — | — | — | — | CN¥129.8M | CN¥133.2M | CN¥140.8M | CN¥120.4M |
| Sales, general & admin | CN¥1.35B | CN¥1.06B | CN¥1.41B | CN¥1.06B | CN¥1.16B | CN¥970.8M | CN¥1.23B | CN¥977.2M | CN¥1.02B | CN¥873.1M | CN¥228.7M | CN¥852.0M |
| Total operating expenses | CN¥2.00B | CN¥1.17B | CN¥1.51B | CN¥1.15B | CN¥1.24B | CN¥1.08B | CN¥2.91B | CN¥1.09B | CN¥1.13B | CN¥1.00B | CN¥1.23B | CN¥955.2M |
| Operating income | CN¥44.2M | CN¥250,000 | CN¥193.9M | −CN¥25.6M | −CN¥9.4M | −CN¥84.0M | CN¥80.1M | −CN¥114.5M | −CN¥18.8M | −CN¥54.8M | CN¥6.4M | −CN¥135.7M |
| Interest income | CN¥13.2M | CN¥16.7M | CN¥23.0M | CN¥13.3M | CN¥10.9M | CN¥11.4M | CN¥18.3M | CN¥14.6M | CN¥16.7M | CN¥19.2M | CN¥19.5M | CN¥24.5M |
| Interest expense | CN¥8.9M | CN¥8.9M | CN¥10.5M | CN¥9.8M | CN¥11.8M | CN¥12.5M | CN¥9.6M | CN¥8.7M | CN¥10.4M | CN¥10.2M | CN¥9.4M | CN¥11.2M |
| Income before taxes | CN¥69.3M | CN¥7.7M | −CN¥22.2M | −CN¥81.7M | −CN¥7.1M | −CN¥78.7M | CN¥94.5M | −CN¥111.8M | −CN¥18.2M | −CN¥58.2M | CN¥6.2M | −CN¥131.5M |
| Income taxes | CN¥25.6M | CN¥9.5M | −CN¥10.0M | CN¥13.0M | CN¥13.4M | −CN¥6.4M | — | −CN¥18.6M | CN¥3.8M | CN¥7.1M | CN¥6.0M | −CN¥1.9M |
| Net income | CN¥17.0M | −CN¥7.5M | −CN¥38.0M | −CN¥107.1M | −CN¥34.0M | −CN¥63.1M | CN¥129,000 | −CN¥88.1M | −CN¥30.6M | −CN¥66.6M | −CN¥48.4M | −CN¥126.4M |
| EBITDA | CN¥51.0M | CN¥15.9M | −CN¥10.4M | −CN¥66.2M | CN¥1.5M | −CN¥57.8M | — | −CN¥91.6M | CN¥6.7M | −CN¥44.9M | CN¥15.7M | −CN¥112.4M |
| Gross margin | 74.9% | 49.0% | 53.7% | 52.4% | 48.4% | 48.1% | 48.5% | 47.4% | 46.6% | 47.8% | 45.8% | 44.9% |
| Operating margin | 1.6% | 0.0% | 6.1% | −1.2% | −0.4% | −4.1% | 2.7% | −5.6% | −0.8% | −2.8% | 0.2% | −7.4% |
| Net margin | 0.6% | −0.3% | −1.2% | −5.0% | −1.3% | −3.1% | 0.0% | −4.3% | −1.3% | −3.4% | −1.7% | −6.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in BZUN's financial statements (latest annual report filed April 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BZUN financial results
In fiscal year 2025 (ended December 31, 2025), Baozun reported revenue of CN¥9.9 billion, up 5.6% from the year before. It had a net loss of CN¥242.1 million, a net profit margin of −2.4%. Over five years revenue grew at an average rate of 2.4% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the BZUN stock overview for the latest quote and news, or the BZUN chart for price history and technical indicators.
BZUN income statement FAQ
What is Baozun's annual revenue?
Baozun reported total revenue of CN¥9.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.6% from CN¥9.4 billion the previous year.
Is Baozun profitable?
No. Baozun reported a net loss of CN¥242.1 million in fiscal 2025, a net profit margin of −2.4%; its operating margin was 0.8%.
What is Baozun's gross margin?
Baozun's gross margin was 50.9% in fiscal 2025: for every $100 of revenue, Baozun kept $51 after the direct cost of its products and services.
How much does Baozun spend on research and development?
Baozun spent CN¥450.6 million on research and development in fiscal 2025, 4.5% of revenue.
How fast is Baozun growing?
Revenue grew 2.4% a year on average over the last five fiscal years, from CN¥8.9 billion to CN¥9.9 billion.
When will Baozun report its next earnings?
Baozun is expected to report results for the quarter ending September 30, 2026 on November 24, 2026 before the market opens.
When does Baozun's fiscal year end?
Baozun's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 23, 2026.